Kalraj Mishra asks MSMEs to raise the bar to international standards

 The Dollar Business Bureau

Kalraj Mishra, Minister of Micro, Small and Medium Enterprise (MSME), speaking at the MSME symposium

  Kalraj Mishra, Minister of Micro, Small and Medium Enterprise (MSME) has said that there exists an immense opportunity for MSMEs to grow in India and has urged stakeholders to build strategies to strengthen India’s MSMEs to match global standards. Speaking at the inauguration of the two-day Symposium on “Growth and Prospects of MSME Sector in Emerging Scenario”, organised by the National Institute for Entrepreneurship and Small Business Development (NIESBUD) and the Confederation of Indian Industry (CII), Mishra said that the MSME sector has a much larger role to play in the revival of the Indian economy. MSMEs in India contribute nearly 45% of the manufacturing output and 40% of the exports. As per the Fourth All India Census of MSMEs, the total number of Enterprises of the MSME sector is 361.76 lakh of which 15.64 are registered Enterprises, according to the MSME Ministry. The sector provides employment to 805.24 lakh people and is a focus sector for the Indian government. Mishra said that the MSME sector can emerge as a potent tool to exploit the demographic dividend being enjoyed by the nation at present. He added that Prime Minister Narendra Modi’s “Make in India” initiative can play a key role in increasing the share of the Manufacturing Sector in India’s Gross Domestic Product (GDP) from the present 14-15% to 25% by 2022. “MSMEs have the potential of transforming the fortunes of the Sector, enabling it to scale hitherto unheard heights,” Mishra said. Mishra assured that the government will lend all its support to spread the “cult" of entrepreneurship, skill development and sustenance of MSME units in India. He added that the changes in the economic conditions in India has opened up vast opportunities of development and diversification for the units in the MSME sector. Last year, the government had announced several measures in the Union Budget 2014-15 to support the MSME sector, including a Rs.10,000 crore fund to enable venture capital into MSMEs, and the sector is expected to get a greater push this year.  

This article was published on January 9, 2015.